INsurance
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Accepted modes of KYC
Digital KYC is a completely paperless KYC process for customers that are
non-KYC compliant
CKYC acts as a central repository of KYC records through which customers can avail various financial services
Users follow an automated identity authentication process using their Aadhaar card
Images of officially valid documents along with PAN card/Form 60 are collected
Aadhaar based KYC through Online authentication
Video-based KYC ensures that users can complete KYC remotely via video call
Implementing a single mode of KYC will not help Onboard every customers!
Insurance companies need to seamlessly integrate multiple KYC methods to manage needs of all our customers.
How do you seamlessly integrate multiple KYC methods to ensure low-friction onboarding of all your customers?
Based on factors like phone number & linkage, CKYC record’s existence, etc certain modes of KYC will fail. The HyperVerge Identity Platform has an end-to-end KYC orchestrator which can support any KYC workflow.
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How do we manage a seamless KYC experience across all partners and acquisition channels?
Launch new customer journeys much faster, without writing code
or requiring app releases.
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Automate your PIVC process & reduce friction
Cut down on manual review efforts & resources spent using our AI to expedite your PIVC process!
Onboard customers in <30 seconds even at scale
Reduce fraud by 95% through automation.
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Decrease backend verification expenses by 80%
Always stay compliant with AML Regulations
Our end-to-end onboarding stack is a comprehensive product suite that contains global AML checks to prevent any fraud.
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Global & country-specific sanctions imposed by different organisations.
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~100% Politically Exposed Persons Profile with Global Coverage
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Adverse Media for people associated with ML or fraudulent activities.
Insurance companies are becoming fully KYC compliant before January 1st
The HyperVerge platform is designed for rapid integration and testing to minimize your IT/dev bandwidth allowing you to go-live in a very short amount of time.
CUSTOMER STORIES
Customers love HyperVerge!
We want to make credit much easier and faster for the larger population and not only the elite few. HyperVerge is a team of very smart people from reputed colleges in India and they have cracked the process of identity verification using Al/ML.
"CIMB is proud to be associated with HyperVerge over the past year. We’ve had a phenomenal experience partnering with them for our eKYC journey."
“We were able to reduce the number of cases of cyber crime complaints or chargebacks after we went live with HyperVerge.”
“Even at scale, we’ve never had escalations. Teams have resolved any issues with the HV team seamlessly. This is exactly what we want.”
"HyperVerge made our lives easier through the whole customer acquisition and activation process. We were achieving high business impact after we built in their solutions where there were previously very high drop-offs for the users."
By using HyperVerge's APIs, we cut short the document validation process from 8-10 mins to 10 seconds.
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CUSTOMER STORIES
Frequently asked questions.
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- If someone is using Aadhaar XML (even though we don’t recommend using it), it is necessary to do some health check to ensure whether the UIDAI website is live or down
- In the CKYC workflow, make sure to extract & validate KYC details, not just ‘search & download’. If only search & download is done, bad/empty records can be downloaded.
- Not all Aadhaar numbers are linked with mobile numbers, so before taking a user through a journey, it would be helpful to check whether their mobile number is linked to their Aadhaar.
(Digilocker has an API call that can check whether the mobile number and Aadhaar number are linked only using the mobile number as input)
KYC process/ solution?
1. Try to use a workflow orchestrator instead of building everything yourself
2. Use passive liveness as a best practice. It has a high conversion rate, requires very little instructions and works well on all devices and bandwidth conditions
Questions you may have...
- If someone is using Aadhaar XML (even though we don’t recommend using it), it is necessary to do some health check to ensure whether the UIDAI website is live or down
- In the CKYC workflow, make sure to extract & validate KYC details, not just ‘search & download’. If only search & download is done, bad/empty records can be downloaded.
- Not all Aadhaar numbers are linked with mobile numbers, so before taking a user through a journey, it would be helpful to check whether their mobile number is linked to their Aadhaar.(Digilocker has an API call that can check whether the mobile number and Aadhaar number are linked only using the mobile number as input)
- Try to use a workflow orchestrator instead of building everything yourself
- Use passive liveness as a best practice
- It has a high conversion rate, requires very little instructions and works well on all devices and bandwidth conditions
Latest Blogs
The latest news, updates and more about KYC industries & related market resources from our team.
